GST News

CBIC to Launch Online Customs Refund System in a Month to Streamline Trade

07 February 2025 at 09:02

The Central Board of Indirect Taxes and Customs (CBIC) is set to introduce an online system for customs refunds within the next month, marking a significant step toward full digitization of customs processes in India.

Posted in GST | 2004 Views

GSTN Clarifies E-Way Bill Rules for Precious Metals & Stones Under Chapter 71

07 February 2025 at 08:59

Clarification on E-Way Bill Requirement for Goods under Chapter 71

Posted in GST | 2919 Views

Central GST Commissionerate Uncovers Rs 658.55 Crore Fake Invoice Racket

07 February 2025 at 08:47

In a significant crackdown on GST fraud, the Central GST Itanagar Commissionerate has exposed a massive fake invoice racket involving Rs 658.55 crore in fraudulent transactions without any actual supply of goods.

Posted in GST | 1 comments | 483 Views

GST Council Close to Finalizing Fewer, Lower Tax Rates: FM Sitharaman

06 February 2025 at 08:45

In a significant development for India's taxation landscape, Finance Minister Nirmala Sitharaman announced on Tuesday that the GST Council is close to finalizing its decision on rationalizing GST rates.

Posted in GST | 453 Views

GST Collections Surge 12.3% in January 2025 Driven by Strong Domestic Growth

03 February 2025 at 06:52

GST collections for January 2025 soared to ₹1.96 lakh crore, marking a robust 12.3% year-on-year increase from ₹1.74 lakh crore in January 2024.

Posted in GST | 705 Views

No 18% GST on Penal Charges, Confirms Finance Ministry

31 January 2025 at 09:16

In a major relief for borrowers and financial institutions, the Ministry of Finance has clarified that penal charges imposed by banks and NBFCs for non-compliance with loan terms will not attract 18% GST.

Posted in GST | 1 comments | 2433 Views

CBIC Clarifies Late Fee Applicability for GSTR-9C Filing

31 January 2025 at 09:15

CBIC has issued Circular No. 246/03/2025-GST on January 30, 2025, providing clarity on the applicability of late fees for delays in filing the reconciliation statement in FORM GSTR-9C

Posted in GST | 5487 Views

Finance Bill 2025 May Amend CGST Act to Introduce Track and Trace Mechanism for High-Evasion Goods

31 January 2025 at 09:13

The upcoming Finance Bill 2025 may include a significant amendment to the Central Goods and Services Tax (CGST) Act, 2017, introducing a Track and Trace Mechanism aimed at curbing tax evasion in high-risk commodities.

Posted in GST | 2400 Views

GSTN Update: Taxpayers Can Opt for Composition Scheme for FY 2025-26 from 4th Feb to 31st March 2025

30 January 2025 at 09:17

The Goods and Services Tax Network (GSTN) has announced that taxpayers can opt for the Composition Scheme for the financial year 2025-26 by filing Form CMP-02 on the GST Portal.

Posted in GST | 3807 Views

55th GST Council Meeting: Key Clarifications and Regularizations Announced

29 January 2025 at 09:11

The 55th GST Council meeting, held on December 21, 2024, in Jaisalmer, has introduced crucial clarifications and regularizations to streamline tax compliance and provide relief to various sectors.

Posted in GST | 3765 Views